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Dec 2, 2012
12/12
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>> well, don't tax you, don't tax me, tax the guy behind the tree. >> paul: russell long, former late senator. >> exactly. and what you see here are very wealthy people who can, you know, engineer ways to avoid taxes, meanwhile, what he's-- the medicine he's suggesting for people who are starting to do better, people who say, make $200,000, maybe working their whole life. they're the ones who are going to get hit with the obama taxes and really, i mean, you look at that and you think a normal human being with, you know, would be ashamed of that lack of intellectual honesty, should be. >> it's fascinating economic dri that costco is borrowing the money to pay this dividend. now, usually when companies pay dividends, it's out of earnings, right? >> yes, retained earnings, in this case, they're borrowing, taking on more debt, not to invest in the business in the future growth, but for a one-time equity pay out. >> and to worry about interest rates are low thanks to ben bernanke. >>, but this shows the tax rates combined with very low bore heing costs and instead of investing in growth, y
>> well, don't tax you, don't tax me, tax the guy behind the tree. >> paul: russell long, former late senator. >> exactly. and what you see here are very wealthy people who can, you know, engineer ways to avoid taxes, meanwhile, what he's-- the medicine he's suggesting for people who are starting to do better, people who say, make $200,000, maybe working their whole life. they're the ones who are going to get hit with the obama taxes and really, i mean, you look at that and...
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Nov 30, 2012
11/12
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you have to sort of address the tax rate. we cannot have a tax rate locked in where they starve the government so that the middle class has to sort of pay more of the share for the burden of government, and you know what, we end up cutting away those programs, those things that help grow opportunity for the middle class. the number one problem with our country right now is sort of the shrinking and burden on the middle class. if we want to sort of expand the middle class and grow the middle class, the last thing we can do is sort of put more of that burden on them as opposed to asking the wealthy people to pay their fair share, like what they paid in the clinton administration. >> okay, cornel, let me say this. >> mary, hold on. you are saying the president has not offered any specifics. he is offering some specific cuts in entitlement spending, medicare spending, saving about $400 billion. the republicans have their own ideas. why not let the republicans come out with their priorities, tell us what their ideas are, then you
you have to sort of address the tax rate. we cannot have a tax rate locked in where they starve the government so that the middle class has to sort of pay more of the share for the burden of government, and you know what, we end up cutting away those programs, those things that help grow opportunity for the middle class. the number one problem with our country right now is sort of the shrinking and burden on the middle class. if we want to sort of expand the middle class and grow the middle...
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how can you tax it? >> reporter: that's the huge piece that needs to be worked out by the washington state bureau of liquor that's going to run all of this just like they regulate liquor sales, they're going to regulate marijuana sales. they're going to license and tax the growing, the processing and retail sales for all marijuana all at 25% plus fees for every individual that goes into those various businesses. they project that in the first five years nearly $2 billion from this program alone. >> and then this is not the only state because during this federal election there were two states that ended up on positive end of legalizing recreational marijuana. the other one being colorado. why do we not see a party there today? >> reporter: because they haven't made it legal yet. the governor there has to act before january 5th and then they will make it at some point legal to possess pot there as well. and then they'll have to go through the same process of setting up the rules to figure this out. advocat
how can you tax it? >> reporter: that's the huge piece that needs to be worked out by the washington state bureau of liquor that's going to run all of this just like they regulate liquor sales, they're going to regulate marijuana sales. they're going to license and tax the growing, the processing and retail sales for all marijuana all at 25% plus fees for every individual that goes into those various businesses. they project that in the first five years nearly $2 billion from this program...
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Dec 5, 2012
12/12
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a tax cut delayed i argue is a tax cut avoided. joining me with the republican defense highly tauted fan of the eagles, ed rendell and alex wagner of msnbc's "now." governor, i want you to read what's going on here. first speaker boehner defended the gop's tax proposal saying it does take a bite out of the rich but president obama held firm to tax rate hike on the wealthiest. let's listen to the back and forth. >> revenues we're putting on the table are going to come from, guess who? the rich. there are ways to limit deductions, close loopholes and have the sameç people pay moref their money to the federal government without raising tax rates, which we believe will harm our economy. >> let's allow higher rates to go up for the top 2%, that includes all of you, yes. but not in any way that's going to affect your spending, your lifestyles, or the economy in any significant way. let's make sure that 98% of americans don't see it -- a single dime in tax increases next year. >> so, john boehner, the speaker for the republican party in
a tax cut delayed i argue is a tax cut avoided. joining me with the republican defense highly tauted fan of the eagles, ed rendell and alex wagner of msnbc's "now." governor, i want you to read what's going on here. first speaker boehner defended the gop's tax proposal saying it does take a bite out of the rich but president obama held firm to tax rate hike on the wealthiest. let's listen to the back and forth. >> revenues we're putting on the table are going to come from, guess...
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Dec 1, 2012
12/12
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KQED
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everybody here, you'll see your taxes go up on january 1. and it's not acceptable to me and i don't think it's acceptable to you for just a handful of republicans in congress to hold middle-class tax cuts hostage simply because they don't want tax rates on upper-income folks to go up. gwen: house speaker john boehner's response, no way. they are, he said, at stalemate. >> the white house spends three weeks trying to develop a proposal, and they send one up here that calls for $1.6 trillion in new taxes, calls for a little -- not even $400 billion in cuts, and they want to have this extra spending that's actually greater than the amount they're willing to cut. i mean, it was not a serious proposal. and so right now we're almost nowhere. gwen: both ends say americans voted for growth and responsibility during the last election, but each apparently is read looking the same message differently. what a surprise. so how much of the policy is about standoff and how much is about politics? >> it's a little bit of each. but i would have to say right
everybody here, you'll see your taxes go up on january 1. and it's not acceptable to me and i don't think it's acceptable to you for just a handful of republicans in congress to hold middle-class tax cuts hostage simply because they don't want tax rates on upper-income folks to go up. gwen: house speaker john boehner's response, no way. they are, he said, at stalemate. >> the white house spends three weeks trying to develop a proposal, and they send one up here that calls for $1.6...
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Dec 6, 2012
12/12
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WUSA
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the expiration of the bush tax cuts forcing tax rates higher on 90% of americans won't be felt right away. some economists actually call this the fiscal float instead of the cliff because the impact would be felt gradually. however, "the wall street journal" reports others sharply disagree. they argue that quickly undoing the damage double from the cliff dive would have big consequences. some possible ways here. it could prompt sell-offs on wall street. we've already seen those. it could also further dampen consumer confidence in washington. we saw that during the debate last year over raising the federal debt ceiling. >>> looking overseas, it's interesting to get a read on how other countries are perceiving the fiscal cliff fight on capitol hill. the"the washington post" ran through head lines in international papers. the gist of the coverage, china thinks the bickering in the u.s. is irresponsible. the people's daily says especially coming from a country that often tells other nations to be responsible. of course that's a big mouth piece for the communist party, that particular new
the expiration of the bush tax cuts forcing tax rates higher on 90% of americans won't be felt right away. some economists actually call this the fiscal float instead of the cliff because the impact would be felt gradually. however, "the wall street journal" reports others sharply disagree. they argue that quickly undoing the damage double from the cliff dive would have big consequences. some possible ways here. it could prompt sell-offs on wall street. we've already seen those. it...
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Dec 3, 2012
12/12
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don't hold those tax breaks for millionaires hostage. let's reduce taxes for the middle class. that's something that we all agree on fine let's get it done. if we believe we need to make certain investments which we do to grow the economy, in infrastructure and innovation and making sure america is always on the cutting-edge of new entrepreneurship, the fact is that we want to do that, the president has put that forward, the election does make a difference, the president is absolutely strong about this. look i was just with him on friday. he came to my district. was at a business. they are showing some of that video right now. local business in my district that was a toy manufacturer and what they said to the president, what they said to me is we, we make more toys when there's consumer demand. let's make sure that middle class americans have dollars in their pockets, they continue to have confidence as consumers or grow that confidence and that our businesses, large and small respond to that, that they begin to see so stability. this is time when we're calling on speaker boehn
don't hold those tax breaks for millionaires hostage. let's reduce taxes for the middle class. that's something that we all agree on fine let's get it done. if we believe we need to make certain investments which we do to grow the economy, in infrastructure and innovation and making sure america is always on the cutting-edge of new entrepreneurship, the fact is that we want to do that, the president has put that forward, the election does make a difference, the president is absolutely strong...
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Dec 6, 2012
12/12
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pays a lot of money in payroll taxes and sales taxes and state and local taxes and property taxes. it adds up even if they're not paying income tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being the expiration of the bush tax cuts at the end of this year. to some extent, now they're getting to the real deadline and it is more serious. host: have you written one of the, if we go over the cliff, this is what happens-type article? guest: yes. people would probably start feeling it in their paychecks pretty quickly. never mind what it means to the broader economy. it will hit. it will hurt a lot of people. if we did not change the law and it went one month, two months, three months, it could lead to another recession because there be such a sharp drop in people's incomes and it would be s
pays a lot of money in payroll taxes and sales taxes and state and local taxes and property taxes. it adds up even if they're not paying income tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being...
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Dec 4, 2012
12/12
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CNNW
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over the next decade and tax reform rather than tax increases, so the republican mandate in the house was a lot clearer than obama's, who spent 86% of the pro-obama ads were trashing romney personally. so he won the right not to be romney but he didn't win the power to impose anything he wants. >> okay. hold that thought. robert, i want you to hold your response until we come back after the break. you've got about two minutes to make this really, really good. our operations are safe and clean for our communities and the environment. we're america's natural gas. but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot, and 30 days later, i was saving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save. i wish our company had something this cool. you're not filming this, are you? aw! camera shy. snapshot from progressive. test-drive snapshot before you switch. visit progressive.com today. anne's tablet called my phone. anne's tablet was chatting with a tablet in sydney.
over the next decade and tax reform rather than tax increases, so the republican mandate in the house was a lot clearer than obama's, who spent 86% of the pro-obama ads were trashing romney personally. so he won the right not to be romney but he didn't win the power to impose anything he wants. >> okay. hold that thought. robert, i want you to hold your response until we come back after the break. you've got about two minutes to make this really, really good. our operations are safe and...
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Nov 30, 2012
11/12
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FBC
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it is supported by the payroll taxes. that workers and their employers pay. >> you have seen, surveys that show the direct we're going, we -- the direction we're going we have moved its trouble date up, compared to other programs, that is prestine, my only point is why not put it out there, why not put out medicare, and medicaid and everything, and for republican defense, everything, and rather than pick and choose. >> whether defense, medicare, medicaid, those are out of general revenues, they are in a defendant category. social security, does nida, just need adjustments, it should not be part of solves will deficit. neil: i think what is intrinsic. is what you are not saying. that we're missing an opportunity to address the overall rate of money coming in and money going out. if you want to leave social security alone, and just look at all of other entitlements and big spending and hear, they say focus it has to be on taxes, i'm not here is a they don't raise taxes on the rich. the elects do have consequences that is on
it is supported by the payroll taxes. that workers and their employers pay. >> you have seen, surveys that show the direct we're going, we -- the direction we're going we have moved its trouble date up, compared to other programs, that is prestine, my only point is why not put it out there, why not put out medicare, and medicaid and everything, and for republican defense, everything, and rather than pick and choose. >> whether defense, medicare, medicaid, those are out of general...
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republicans are worried they may be losing ground on the tax hike debate. and a new poll shows the majority of voters trust the president and democrats on the issue. reporting live on capitol hill, danielle lee, news4. >>> polls show many americans want hillary clinton to run for president in 2016, but that doesn't seem to be on top of her to-do list as she steps down as secretary of state. mrs. clinton is in dublin ireland, today on one of one of her last foreign trips. she admitted she's looking forward to the quiet life. >> i'm, frankly, looking forward to returning to living a life that enjoys a lot of simple pleasures, and gives me time for family and friends and other pursuits. >> mrs. clinton was also asked if president clinton will become the new ambassador to ireland. she said her husband will continue the work he's been doing in ireland with or without the title of ambassador. >>> a new survey indicates michelle obama could successfully follow in hillary clinton's footsteps wa political career. public policy polling asked illinois voters who they
republicans are worried they may be losing ground on the tax hike debate. and a new poll shows the majority of voters trust the president and democrats on the issue. reporting live on capitol hill, danielle lee, news4. >>> polls show many americans want hillary clinton to run for president in 2016, but that doesn't seem to be on top of her to-do list as she steps down as secretary of state. mrs. clinton is in dublin ireland, today on one of one of her last foreign trips. she admitted...
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Dec 6, 2012
12/12
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CNNW
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tax breaks, right? democrats are fighting hard to preserve the tax deduction for state and local taxes, that costs the federal budget more than $80 billion a year. why? because 7 of 8 states where taxpayers use the deductions that much are blue or democratic. new york, new jersey, pennsylvania, all blue with the highest state local -- state and local taxes taken out there and property taxes. the tax deductions on them benefit higher income taxpayers in states that consistently deliver for the democrats. i get the politics of this but democrats need to own up. they can't have their cake and eat it, too. in the end, we are all going to pay more or we are going to get less. if we're serious about the fiscal house in order. if demonstrates are serious about republicans to break with ideology and their party base, to vote for higher tax rates, democrats have to be willing to do the same and break with their base. both sides can go back to the politics after they get in right. quit scrapping. get the work don
tax breaks, right? democrats are fighting hard to preserve the tax deduction for state and local taxes, that costs the federal budget more than $80 billion a year. why? because 7 of 8 states where taxpayers use the deductions that much are blue or democratic. new york, new jersey, pennsylvania, all blue with the highest state local -- state and local taxes taken out there and property taxes. the tax deductions on them benefit higher income taxpayers in states that consistently deliver for the...
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Dec 3, 2012
12/12
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and dividend taxes are not a rich tax. nor a capital gains. you're talking about pension funds, 401(k) plans, invest in companies that pay dividends. if you're expecting a dividend tax to go from 15% to 44% that, completely removes the opportunity or the incentive to buy dividend paying companies. and that's going to hurt not just the rich. that's going to hurt everybody if we see that. that's very dangerous, and it would create a massive selloff. >> one of the things that the president has done, going to congress and said, going out and encouraging people to tweet and post on facebook my 2k, meaning the $2,000 they would get in the extended tax breaks for the middle class. but he is also meeting privately with ceos. he has a bad relationship with wall street and with corporate america generally. he has presented much of this plan. what's the feedback he's getting? >> there will be a big recession if you don't get behind him. i'm finding many republican ceos -- by the way, most ceos are republican. they are on board. they are not on board with
and dividend taxes are not a rich tax. nor a capital gains. you're talking about pension funds, 401(k) plans, invest in companies that pay dividends. if you're expecting a dividend tax to go from 15% to 44% that, completely removes the opportunity or the incentive to buy dividend paying companies. and that's going to hurt not just the rich. that's going to hurt everybody if we see that. that's very dangerous, and it would create a massive selloff. >> one of the things that the president...
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but you don't have to wait for the tax hikes. $317 billion in new taxes. set to kick in january 1st. and we will show you the latest tax increase brought to you by the people who created obamacare . get ready for armageddon. is america reelly headed to help? is there any way to stop the document author of after america, mark stein joins me next. ♪ ♪ lou: welcome all fundamental dishonesty at the heart of america's financial crisis. my next guest saas americans really seems of want a european size government with current american size tax rates. one or the other has got to go. we will see. joining us now, author of the best seller, get ready for armageddon. also, a recording of -- i will explain my laughter. his new holiday cd, making spirits bright available on the amazon and itunes. i am trying to think how to do it. >> the words stuck in your throat. lou: it is terrific. it is wonderful. here to prove the point, and it's ggod to have you. i wish you lots of luck. by the way, s t eyn. that's right. and i got it covered. >> that's right. why do i have
but you don't have to wait for the tax hikes. $317 billion in new taxes. set to kick in january 1st. and we will show you the latest tax increase brought to you by the people who created obamacare . get ready for armageddon. is america reelly headed to help? is there any way to stop the document author of after america, mark stein joins me next. ♪ ♪ lou: welcome all fundamental dishonesty at the heart of america's financial crisis. my next guest saas americans really seems of want a...
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Dec 4, 2012
12/12
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CNNW
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over the next decade and tax reform rather than tax increases, so the republican mandate in the house was a lot clearer than obama's, who spent 86% of the pro-obama ads were trashing romney personally. so he won the right not to be romney but he didn't win the power to impose anything he wants. >> okay. hold that thought. robert, i want you to hold your response until we come back after the break. you've got about two minutes to make this really, really good. this december, remember -- m] you can stay in and share something... ♪ ♪ ...or you can get out there with your friends and actually share something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. a new way to save on your prescriptions. it's the aarp medicarerx saver plus plan from unitedhealthcare. with this plan, you can get copays as low as a dollar through a preferred network pharmacy like walgreens -- where you'll find 8,000 convenient locations. best of all, this plan has the lowest part d premium in the united states -- only $15 a m
over the next decade and tax reform rather than tax increases, so the republican mandate in the house was a lot clearer than obama's, who spent 86% of the pro-obama ads were trashing romney personally. so he won the right not to be romney but he didn't win the power to impose anything he wants. >> okay. hold that thought. robert, i want you to hold your response until we come back after the break. you've got about two minutes to make this really, really good. this december, remember -- m]...
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Dec 4, 2012
12/12
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taxes? guest: i don't think so. i think keeping tax rate with a r is the real question. you can increase revenue without increasing tax rates. honestly, just a more efficient system redistributing investments toward things that generate economic growth. that is something that paul ryan has been a leading advocate of. yeah, i think this is a really smart and good proposal by the speaker, and i was very pleased to see every republican sign off on it. it was not just his name. i hope the white house understands there is unity at the republican leadership table. host: here is a copy of the letter sent to the white house with the signatures of the leadership team including paul ryan. a lot of our callers have talked about the lack of details in this proposal then back which loopholes or deductions do you get rid of? guest: there is an interesting debate and discussion on that. that is for the negotiators. the easiest way to do it would be to cap the dollar amount and let the individual pick and c
taxes? guest: i don't think so. i think keeping tax rate with a r is the real question. you can increase revenue without increasing tax rates. honestly, just a more efficient system redistributing investments toward things that generate economic growth. that is something that paul ryan has been a leading advocate of. yeah, i think this is a really smart and good proposal by the speaker, and i was very pleased to see every republican sign off on it. it was not just his name. i hope the white...
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Dec 7, 2012
12/12
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those middle class tax cuts in that legislation would protect the tax cuts for 98% of americans and 97% of small businesses. that, as we are in the midst of the holiday season, is absolutely essential to continuing to get our economy turned around and focus on job creation. >> "the new york times" reporting today that negotiations are now down to just two people. the president, the house speaker. we know that some senate democrats dispute this. what do you think about this point with regard to the negotiations and who's in the room? >> i know that the president and his advisers are focused on making sure that in the discussions that they have with both the house and the senate that whatever plan they agree to includes a balanced approach. one that's fair to the middle class and one whose math makes sense and reaches the size of the duff sit reduction we need that doesn't balance all the pain on the backs of the middle class and that makes sure that we have suspending cuts and revenue. when it comes to entitlement reform, we have an opportunity to add another hundreds of billions of doll
those middle class tax cuts in that legislation would protect the tax cuts for 98% of americans and 97% of small businesses. that, as we are in the midst of the holiday season, is absolutely essential to continuing to get our economy turned around and focus on job creation. >> "the new york times" reporting today that negotiations are now down to just two people. the president, the house speaker. we know that some senate democrats dispute this. what do you think about this point...
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Dec 6, 2012
12/12
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i want to be paying more taxes. i want our taxes to go to serve the policies of the country, education, charity, health care. i think that president obama's right about this. but i think compromise is going to be necessary to achieve some result. >> let me bring in abbe. your father is known as a moderate republican and a good dealmaker, a man who used to negotiate. what do you make of this? and what does he make of this? >> i think morale is so low right now. the country's so divided. especially for my generation. we're the ones that are going to be handed down the $60 trillion defic deficit. they will come to a deal. but right now, it's political theater. and it's probably going to look like the simpson-bowles. that will come full-circle again. >> here's a problem the republicans have got themselves into. is obama has been very clever here, the president. i think what he's done is skillfully said to the public, if he goes over the fiscal cliff, the republicans are prepared to make the entire middle class to pay mo
i want to be paying more taxes. i want our taxes to go to serve the policies of the country, education, charity, health care. i think that president obama's right about this. but i think compromise is going to be necessary to achieve some result. >> let me bring in abbe. your father is known as a moderate republican and a good dealmaker, a man who used to negotiate. what do you make of this? and what does he make of this? >> i think morale is so low right now. the country's so...
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Dec 3, 2012
12/12
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CURRENT
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tax cuts, big tax cuts for rich people started under george w. bush and then we had the biggest economic collapse since the great depression. what does that tell you? >> stephanie: why can't they ever acknowledge that? they ran away from bush. no one campaigned on george bush. they must know his policies didn't work. why are they pretending they did? >> he wasn't even at the convention. >> memory hole. >> stephanie: gee, who was really front and center of our campaign? bill clinton! kind of weird. >> good president. >> stephanie: mary in pennsylvania. hi mary. >> caller: hi, there. i love your show. didn't start watching it until late in the campaign. and i feel like i found a wonderful friend. >> stephanie: aww. >> caller: my question is grover cleveland -- >> stephanie: his ideas are just as fresh. [ laughter ] >> caller: exactly. if he think the average career only lasts 25 years has he signed up all of those people to the pledge 20 years ago shouldn't we be getting ready to throw him a retirement party pretty soon? >> stephanie: yeah, one wou
tax cuts, big tax cuts for rich people started under george w. bush and then we had the biggest economic collapse since the great depression. what does that tell you? >> stephanie: why can't they ever acknowledge that? they ran away from bush. no one campaigned on george bush. they must know his policies didn't work. why are they pretending they did? >> he wasn't even at the convention. >> memory hole. >> stephanie: gee, who was really front and center of our campaign?...
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Dec 4, 2012
12/12
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CNNW
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in a way by getting rid of tax loopholes which they feel rather than raise the tax rates will have less of a negative impact on the economy. at the end i think there will be a little bit of movement on their side possibly raising the dollar income level that we have for that and making so it's a combination of increases as well as loopholes, but, frankly, the president's policy of just trying to punish the rich is what he seems to be interested in is also counterproductive, frankly. >> i saw jason johnson shaking his head no. >> this is not true. they haven't specified what any of these taxes are. they're trying to sell people a bridge and you don't even know where the bridge is going. that's one of the reasons the white house rejected the plan but here is the other reason why the republicans are eventually just going to go along and raise taxes and deal. the most important number in this whole debate is 56. 56% of the public according to a recent poll will blame the republican party in congress if this deal does not get done. they do not need another public relations hit after being sh
in a way by getting rid of tax loopholes which they feel rather than raise the tax rates will have less of a negative impact on the economy. at the end i think there will be a little bit of movement on their side possibly raising the dollar income level that we have for that and making so it's a combination of increases as well as loopholes, but, frankly, the president's policy of just trying to punish the rich is what he seems to be interested in is also counterproductive, frankly. >> i...
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>> grover norquist, president of americans for tax reform, author of the no-tax-hike pledge, but some people ar -- wants everybody to hold the line, but some people are weakening. i things starting to soften up there? >> tom cole, republican from oklahoma, a very astute politician, was it very honestly and openly a politician before he got elected to congress, and said that we ought to take the deal and cut taxes on 98% of people, basically rid ourselves of the fact that most people other than charles c., that the republicans have become the party of billionaires' and millionaires in this debate. that is what happened in the election of 2012. that really is a continuing problem for republicans. that is what you are seeing to it is not just anti-grover norquist movement. it is a realization that they have a political problem. >> a lot of positive signs for a deal. one is that grover norquist, who is kind of a ridiculous figure, it has been exposed as that and people are walking away. businessmen are in town saying we want predictability, and that is a good sign. but the indication from
>> grover norquist, president of americans for tax reform, author of the no-tax-hike pledge, but some people ar -- wants everybody to hold the line, but some people are weakening. i things starting to soften up there? >> tom cole, republican from oklahoma, a very astute politician, was it very honestly and openly a politician before he got elected to congress, and said that we ought to take the deal and cut taxes on 98% of people, basically rid ourselves of the fact that most people...
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he's not a tax guy. he's never really worked in this sphere. >> geithner is leading these talks for two reasons. he and the president are very close. they simply click. secondly, boehner likes him. that's why geithner is the front man here. that sometimes matter more than anything else. on wednesday, the president brought back a campaign atmosphere. he surrounded himself with what he called average middle class families. it was all about ramping up political pressure on the republicans. >> if congress does nothing, every family in america will see their taxes automatically go up at the beginning of next year. >> the president had a busy fiscal cliff day, also met privately with the ceo ofs of home depot, coca-cola and yahoo!. not to be out done on this pr front, house republicans made it public, hosting a group of nervous business leaders. they've signed on to a campaign called fix the debt. they want big spending cuts to supplement the coming tax hikes. >> i'm hopeful but i wouldn't put me anywhere near
he's not a tax guy. he's never really worked in this sphere. >> geithner is leading these talks for two reasons. he and the president are very close. they simply click. secondly, boehner likes him. that's why geithner is the front man here. that sometimes matter more than anything else. on wednesday, the president brought back a campaign atmosphere. he surrounded himself with what he called average middle class families. it was all about ramping up political pressure on the republicans....
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Dec 7, 2012
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not the marginal tax rights of individuals. that's my view. >> cenk: then you go to the defense industry, we've got one of their c.e.o.'s: >> cenk: don't get too excited the defense contractors are on our side. here's the reality. if we don't do a deal, we take $600 billion in defense cuts. that usually comes from the defense contractors. so they're like what! cuts in defense! no no, no, let's make a deal. we can raise them up a couple of points, that's all right. just don't take $7 billion from me. there's self interest there. there's tremendous moment to make this happen, unless you're looking at republicans. and we have got a treat for you today. we're going to do a little hot tub time machine action here. go back to 1993 when president clinton said that he was going to raise the marginal tax rates. here was those same old republicans, making the same old points 19 years ago. >> we have a solid plan ready to go to reduce the deficit calling for no tax increases and true cuts in government spending. >> as opposed to the clint
not the marginal tax rights of individuals. that's my view. >> cenk: then you go to the defense industry, we've got one of their c.e.o.'s: >> cenk: don't get too excited the defense contractors are on our side. here's the reality. if we don't do a deal, we take $600 billion in defense cuts. that usually comes from the defense contractors. so they're like what! cuts in defense! no no, no, let's make a deal. we can raise them up a couple of points, that's all right. just don't take $7...
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to a higher tax rate. i think they would be fine getting rid of some of the loopholes, but if this goes to where it's just higher tax rates on the rich and very little spending cuts, they little reform, i think there will be huge outrage. >> how about a sizable adjustment in entitlements, a big -- billions of dollars in cuts in regular spending, appropriations spending, and a reduction in the rich person's tax rate, a rise to 37% or 38%, would that sell with the right or not? >> i think there's a chance if they would see real reform, real cuts, more than what the president was saying, 2.5 times of cuts for every tax increase, but what they don't want are tax increases now and future cuts. that's not going to work. >> okay. thank you. just want to know what the rules were in the sane world and the insane world. i think it's going to be more like one to one, and i think it's going to be something like i mentioned. let me go back to you, bob. i don't know what it looks like to you. just the other day -- you d
to a higher tax rate. i think they would be fine getting rid of some of the loopholes, but if this goes to where it's just higher tax rates on the rich and very little spending cuts, they little reform, i think there will be huge outrage. >> how about a sizable adjustment in entitlements, a big -- billions of dollars in cuts in regular spending, appropriations spending, and a reduction in the rich person's tax rate, a rise to 37% or 38%, would that sell with the right or not? >> i...
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up in the estate tax goes up. basically, we could be looking at a private stimulus package happening. >> you are talking about transferring 25 million-dollar houses from one rich person to another, right? >> you are buying stuff back and forth. the parents to give that to their kids. the estate tax is 35% on everything over $5 million and agosta 55%. anything over $1 million. it is horrible. melissa: dennis needs a break after running the 12 flights of stairs. this time this item is for christmas. this starbucks card will set you back $450. the card itself costs $50, then the card itself is $450 for the gift card. you cannot buy them at the store coming have to give them from gil.com. >> of i spent $450, it will be almost a full pair of christian louis vuitton shoes. i'm not sure they are seen holding this card. >> a person is going to say my gold card -- what happens if you violate 10 cups of coffee, do you get a gold card membership? >> the highest profit margin will be on the copy. how much is that slipups stai
up in the estate tax goes up. basically, we could be looking at a private stimulus package happening. >> you are talking about transferring 25 million-dollar houses from one rich person to another, right? >> you are buying stuff back and forth. the parents to give that to their kids. the estate tax is 35% on everything over $5 million and agosta 55%. anything over $1 million. it is horrible. melissa: dennis needs a break after running the 12 flights of stairs. this time this item is...
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will the liberals vote for anything unless they get a rise in the tax for the top people? >> well, really, i can only speak for myself, chris, but my sense of the caucus is there are strong feelings about protecting entitlements from depredations on the other side and they want to be very clear about the details, but i think there's also a willingness to work with the president and support the president in his leadership in averting the fiscal cliff and i agree with mr. terry, we want to get this done before the end of the year so that we're not roiling markets, not disrupting people's planning for the next calendar year, and we're not having anybody's taxes go up in the middle class. >> let me get the timing right plshtion terry. you're in the majority. are you being advised by your whips there are going ton tough votes right near christmas eve or some coming back after christmas before the 31st in some crazy christmas week chaos? in other words are you being advised the big votes will come before christmas? >> our leadership and our conference has said there hasn't been
will the liberals vote for anything unless they get a rise in the tax for the top people? >> well, really, i can only speak for myself, chris, but my sense of the caucus is there are strong feelings about protecting entitlements from depredations on the other side and they want to be very clear about the details, but i think there's also a willingness to work with the president and support the president in his leadership in averting the fiscal cliff and i agree with mr. terry, we want to...
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are the party of lower taxes, are you going to refuse to cut people's taxes? >> listen, nobody wants to go over the cliff. that is why the day after the election i tried to speed this process up by making a concession to put revenues on the table. and it is unfortunate that the white house spent three weeks doing basically nothing. >> chris: you have been around this time, a long time and have been through a lot of negotiations. what is their game? what is their thinking as to how they will work -- well, they figure they won and they will get what they want? >> i have no idea, chris. if i knew, i would share it with you. i don't know what they are thinking. >> chris: do you think they are being bullies. >> i think they've won the election and must have forgotten republicans continue to hold a majority in the house. but, you know, the president's idea of a negotiation is, will they do what i ask. we need to find common ground and need to find it quickly. >> chris: and, again, you kind of didn't answer it the first time, what are the chances we'll go over the cl
are the party of lower taxes, are you going to refuse to cut people's taxes? >> listen, nobody wants to go over the cliff. that is why the day after the election i tried to speed this process up by making a concession to put revenues on the table. and it is unfortunate that the white house spent three weeks doing basically nothing. >> chris: you have been around this time, a long time and have been through a lot of negotiations. what is their game? what is their thinking as to how...
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Dec 6, 2012
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they're both standing firm on the tax hike, their positions on the tax hikes for the top 2%. listen. >> the revenues we're putting on the table are going to come from, guess who? the rich. >> once republicans acknowledge that rates are going up for top earners, we believe that an agreement is very achievable. >> kate balduan is in washington, d.c., this morning. so that's kind of a depressing thing, when just the advent of a phone conversation between the two top dealmakers is the headline, isn't it? >> i could not agree with you more. the fact that they spoke, but the fact that there's no progress, and that's a headline. i mean, if we want to take anything from it, any significance, it's the first time they've talked in a week. take that what you will. it's almost like hope springs eternal, but we are a long way from a deal still. neither side, as you said is giving on their basic position. president obama continues to insist any deal must include a tax break increase on the top 2% of wage earners, which republicans, we well know, just as firmly insist, that is a nonstarter
they're both standing firm on the tax hike, their positions on the tax hikes for the top 2%. listen. >> the revenues we're putting on the table are going to come from, guess who? the rich. >> once republicans acknowledge that rates are going up for top earners, we believe that an agreement is very achievable. >> kate balduan is in washington, d.c., this morning. so that's kind of a depressing thing, when just the advent of a phone conversation between the two top dealmakers is...
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and he's raised tax rates and he was elected based on his tax the rich policy. he says that america is poised to take off and if it doesn't, it's the republicans fault. listen. >> you have the u.s. chamber of commerce hardly an arm of my administration or the democratic party. i think, said the other day, we can't be going through another debt crisis, a debt ceiling crisis like we did in 2011. that has to be dealt with. so, i think businesses are going to be ready to hire. we're seeing pretty strong consumer confidence despite weaknesses in europe and even in asia. i think america is poised to take off. stuart: well, the republicans are set to respond today when speaker boehner goes in front of the cameras. will he show signs of retreat or any sign of compromise? remember, the president wants higher tax rates. will john boehner try to move the line that the president has drawn? we will have it for you live here on "varney & company" starting around ten o'clock eastern. then we have darden restaurants, the parent of olive garden, red lobster. it says its business
and he's raised tax rates and he was elected based on his tax the rich policy. he says that america is poised to take off and if it doesn't, it's the republicans fault. listen. >> you have the u.s. chamber of commerce hardly an arm of my administration or the democratic party. i think, said the other day, we can't be going through another debt crisis, a debt ceiling crisis like we did in 2011. that has to be dealt with. so, i think businesses are going to be ready to hire. we're seeing...
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Dec 4, 2012
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raising taxes. but also he did it in a way that grew the economy and the nation prospered and the debt became no big deal and then the debt was gone and the debt clocks that were supposed to be scary got shut off. that was because of prioritizing economic growth and being willing to raise revenues. look when we started growing again after the recession. it was not long after the stimulus kicked in. the government spent money and the economy grew. that's how it works. that's why it used to be a beltway consensus when the economy needed to e grow, you needed economic stimulus in terms of your fiscal policy. now the discussion about how we need to make sure we contract the economy and cause as much pain as possible to the people who will be hurt the most by that contracting, maybe that makes sense on sunday morning, but the rest of us go to work during the week and sometimes we go to parties. right now as we speak, here's the scene in washington. at the white house, which bo obama has shown us what it
raising taxes. but also he did it in a way that grew the economy and the nation prospered and the debt became no big deal and then the debt was gone and the debt clocks that were supposed to be scary got shut off. that was because of prioritizing economic growth and being willing to raise revenues. look when we started growing again after the recession. it was not long after the stimulus kicked in. the government spent money and the economy grew. that's how it works. that's why it used to be a...
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yes, i raise tax rates on the rich or no will not. >> you don't raise tax rates which. stuart: you would love no. and started to push like this. you wouldn't know. >> in not addressing the problem stuart: even though it wishes us over the cliff. >> i would vote no because it does not address the problem. the president is the driver in shea. stuart: i'm sorry. i hate to be like this. i'm being obnoxious i know it, but he would vote no . i will not vote for higher tax rates, even if you knew for absolute certainty that pushes aside with a cleft. >> yes. i would vote no for higher tax rates because our children and grandchildren deserve better. stuart: they agree. >> this is a generational issue. stuart: still obnoxious. we use in any way compromise? for example, would you vote yes on the tax rate increase to 37% on upper income murders to wrap up 39, 37. would you vote yes on that? >> that is not something on the table. we haven't seen is a willingness to address spending, and you have to be able to cut spending. you have to be able to reform the way these entitlement pro
yes, i raise tax rates on the rich or no will not. >> you don't raise tax rates which. stuart: you would love no. and started to push like this. you wouldn't know. >> in not addressing the problem stuart: even though it wishes us over the cliff. >> i would vote no because it does not address the problem. the president is the driver in shea. stuart: i'm sorry. i hate to be like this. i'm being obnoxious i know it, but he would vote no . i will not vote for higher tax rates,...
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a tax rate issue. president bush wanted to lower capital gains tax. democrats in congress would go along only if there were higher rates. the house minority leader said no, the price was too high. democrats retreated on a higher tax rate, settling on a limitation of tax reduction for the wealthy. does it sound familiar? it sounds more than from other. the final reconciliation bill was on popular on the left and right. the final votes reflected the difficulty of reaching agreement. it passed only because there was a majority of both democrats and republican caucuses willing to cast a vote. the big lesson for any deficit reduction agreement takes leadership, compromise, and a willingness to list one spot possible political future for the good of the country. if there is no willingness to do that, there is no willingness to save the country. that has not changed in over a quarter of a century. the more i read, that i think i am prepared to say it has not changed since the founding of the republic. thank you. a quick, to those putting this together. i thi
a tax rate issue. president bush wanted to lower capital gains tax. democrats in congress would go along only if there were higher rates. the house minority leader said no, the price was too high. democrats retreated on a higher tax rate, settling on a limitation of tax reduction for the wealthy. does it sound familiar? it sounds more than from other. the final reconciliation bill was on popular on the left and right. the final votes reflected the difficulty of reaching agreement. it passed...
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Dec 4, 2012
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see the deduction for state income taxes being a tax expendture. when i paid tax to the district of columbia, that is the cost, my cost, of earning that income, and it should be deductible i believe in computing me federal tax income little. it's not deductible. >> host: diane in new hampshire, go ahead. >> guest: good morning. >> host: morning. >> caller: fascinated to hear about the tax. it kills me every year. i'm a small business owner, and my income changes year to year. i can make $80,000 one year, and i can make $60,000 the next, and the next 45. i cannot process what the amt will be. looking at the last return here, made $60,000 and had an amt of $1700, a piggy back. talk about this because i don't consider making $80,000 as a single person and paying 13% of the social security out of and all my other cuts to be a lot of money. >> guest: no, i don't disagree with you at all. the amt is not what you would have designed as a tax -- a way to compute your federal income tax. it is the combination of a reform that was end acted after the need fo
see the deduction for state income taxes being a tax expendture. when i paid tax to the district of columbia, that is the cost, my cost, of earning that income, and it should be deductible i believe in computing me federal tax income little. it's not deductible. >> host: diane in new hampshire, go ahead. >> guest: good morning. >> host: morning. >> caller: fascinated to hear about the tax. it kills me every year. i'm a small business owner, and my income changes year to...
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new hampshire has no income tax, no sales tax. every state around new hampshire, the other new england states have one or the other going into the 1960's, 1970. every state around us added another one. they either added the sales tax or the income tax. with the representation to their people that the other tax would come down and revenue would be effectively used because it would be more effectively collected, especially if they used the sales tax. every one of those state, the revenues haven't gone down, they've gone up dramatically and the income tax has gone up. and the sales tax has gone up and the size of the government has gone up. so from my standpoint, a val added tax is just a way to grossly expand the size of the government. and it does not fix our revenue problems. more importantly than that, just put, where i think this argument ends up, the american people would annihilate any party that taxed -- that cast a national sales tack. the democrat party thinks they're in charge now, and they are. the republican party has do
new hampshire has no income tax, no sales tax. every state around new hampshire, the other new england states have one or the other going into the 1960's, 1970. every state around us added another one. they either added the sales tax or the income tax. with the representation to their people that the other tax would come down and revenue would be effectively used because it would be more effectively collected, especially if they used the sales tax. every one of those state, the revenues haven't...
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some republicans dessert the new new taxes pledge if that's the only way to make a deal? >> they should not dessert the no new tacks pledge. and hurt the end game for democrats is to have the fiscal clive. it's not something i'm reading tea leaves on. take a look at a new yorker article in the middle of this year by ryan liza. he spoke to a number of obama people and they said unless republicans break the no-tax pledge they want to go into a fiscal cliff. they believe there will be a short recession and at the end of the recession the economy will go sky high and people well railize that big government is good soup. they believe that use, you have a twins. i didn't see them coming. i have obligations. cute obligations, but obligatio. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, char
some republicans dessert the new new taxes pledge if that's the only way to make a deal? >> they should not dessert the no new tacks pledge. and hurt the end game for democrats is to have the fiscal clive. it's not something i'm reading tea leaves on. take a look at a new yorker article in the middle of this year by ryan liza. he spoke to a number of obama people and they said unless republicans break the no-tax pledge they want to go into a fiscal cliff. they believe there will be a...
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some republicans dessert the new new taxes pledge if that's the only way to make a deal? >> they should not dessert the no new tacks pledge. and hurt the end game for democrats is to have the fiscal clive. it's not something i'm reading tea leaves on. take a look at a new yorker article in the middle of this year by ryan liza. he spoke to a number of obama people and they said unless republicans break the no-tax pledge they want to go into a fiscal cliff. they believe there will be a short recession and at the end of the recession the economy will go sky high and people well railize that big government is good soup. they believe that use, you have a >> we knew that those with ties to al qaeda were involved in the attack on the embassy issue and clearly the information given to the american people was wrong. and in fact ambassador rice said today it was wrong. >> we are significantly troubled by the answers we got and we didn't get, certainly overwhelming evidence. >> he is a member of the senate foreign relations committee which would consider the confirmation of ambassad
some republicans dessert the new new taxes pledge if that's the only way to make a deal? >> they should not dessert the no new tacks pledge. and hurt the end game for democrats is to have the fiscal clive. it's not something i'm reading tea leaves on. take a look at a new yorker article in the middle of this year by ryan liza. he spoke to a number of obama people and they said unless republicans break the no-tax pledge they want to go into a fiscal cliff. they believe there will be a...
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he wants to raise taxes now. and, by the way, he'll get back to us with how exactly he intends to cut spending later. that's why speaker of the house john boehner told reporters no substantive progress has been made. president obama has no interest in reducing the size of the federal government. now democrats before him he's dangling the prospect of future budget cuts in the hopes republicans will take the bait. with that in mind, it's important to remember the words of president ronald reagan, he wrote them in his own autobiography, and described in great deal a deal he struck with the democrats in 1980s, promising $3 in spending cuts for every dollar in a tax increase. reagan wrote, the democrats reneged on their pledge and we never got those cuts. perhaps that's why some on the right are calling foul on these negotiations. >> the only secret talks have revealed, a government that skips from one crisis to the next. all of this secrecy allows the president to petition himself frankly and being in favor of a bala
he wants to raise taxes now. and, by the way, he'll get back to us with how exactly he intends to cut spending later. that's why speaker of the house john boehner told reporters no substantive progress has been made. president obama has no interest in reducing the size of the federal government. now democrats before him he's dangling the prospect of future budget cuts in the hopes republicans will take the bait. with that in mind, it's important to remember the words of president ronald reagan,...
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bhoener came up with a tax revenue plan. he said let's cap deductions and loop holes and leave these alone because that hopes growth. and he got nothing. nothing from boobama and i thin that started the bad blood. >> they both have to learn the art of negotiation. >> i'm going to guarantoo you that the democrats are going to be split. >> i'm going to leave it there. nick, larry, thank you very much indeed. >> coming up next. kerry kennedy talks about. anne's tablet was chatting with a tablet in sydney... a desktop in zurich... and a telepresence room in brazil. the secure cloud helped us get some numbers from my assistant's pc in new york. and before i reached the top, the board meeting became a congrats we sold the company party. wait til my wife's phone hears about this. [ cellphone vibrating ] [ female announcer ] with cisco at the center, working together has never worked so well. everything about the oral-b power brush is simply revolutionary. our unique brush head cleans in three directions with up to 50% more brush mo
bhoener came up with a tax revenue plan. he said let's cap deductions and loop holes and leave these alone because that hopes growth. and he got nothing. nothing from boobama and i thin that started the bad blood. >> they both have to learn the art of negotiation. >> i'm going to guarantoo you that the democrats are going to be split. >> i'm going to leave it there. nick, larry, thank you very much indeed. >> coming up next. kerry kennedy talks about. anne's tablet was...
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Nov 29, 2012
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but the federal government will want its cut, $90 million in taxes. not an immediate concern for the dreamers. >> today is the day. >> i want to give something to my grandchildren. >> for one, i would stop working. >> i would buy a house. >> i would give some to charity. >> reporter: this family won more than $200 million two months ago. this morning, on today, they had advice for the next winner. >> don't go out and get everything now, you will have time for all of that. just grow into the money. >> reporter: winning a lot of money can be difficult to handle. >> i just thought i would take a chance now, why not? >> reporter: even so it is a problem many wish they had. the lottery officials say there is a 75% chance there is a winner. but if not, tomorrow they will announce an even bigger jackpot. >> you never know, it may be the last time we ever see stephanie gosk reporting on powerball tonight. good luck, stephanie and thank you. >>> weather making the news tonight as viewers on the west coast are well aware they're getting ready for some heavy wea
but the federal government will want its cut, $90 million in taxes. not an immediate concern for the dreamers. >> today is the day. >> i want to give something to my grandchildren. >> for one, i would stop working. >> i would buy a house. >> i would give some to charity. >> reporter: this family won more than $200 million two months ago. this morning, on today, they had advice for the next winner. >> don't go out and get everything now, you will have...
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we don't want to increase tax rates. we're not going to increase tax rates. >> warner: a white house spokesman shot back that republicans ought not to be surprised that mr. obama is sticking to his guns. and congressional democrats, like house minority leader nancy pelosi, welcomed the president's plan. >> elections have consequences. the president campaigned-- he made it very clear, he made it very clear that he was supporting a tax cut for the middle class, that he wanted the expiration of the tax cuts for the high end. and the american people know that debate, they voted for him. >> warner: still, despite all the tough talk, reporter todd zwillich of wnyc and public radio international says there's more movement behind the scenes than meets the eye. >> there does tend to be a pattern to how big negotiations like this go. the fact that they haven't reached an agreement yet doesn't mean they won't before christmas, doesn't mean they won't before new years. there is a value in doing some public posturing and trying to ge
we don't want to increase tax rates. we're not going to increase tax rates. >> warner: a white house spokesman shot back that republicans ought not to be surprised that mr. obama is sticking to his guns. and congressional democrats, like house minority leader nancy pelosi, welcomed the president's plan. >> elections have consequences. the president campaigned-- he made it very clear, he made it very clear that he was supporting a tax cut for the middle class, that he wanted the...
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news the president a little more than an hour ago went to northern virginia to push the middle class tax cut message by spending time with an actual middle class family. >> the message that i got from tiffany and the message that i think we all want to send to members of congress is, this is a solvable problem. i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%, but i do remain optimistic that we can get something done that is good for families like this one's. >> and this actually appears to be working. a new poll shows the president is running ahead of the boehner-led republican team. what about basketball you say? we go to charlotte last night, and the knicks treasury secretary, carmelo anthony, top paid and big star got hurt in this dive and had to leave the game. then the at the end it came down to this. >> looking for felton and finds smith. two seconds, one second. smith for the win. >> game over. no overtime. deal, end game, done. is this meaningless nba game in charlotte lead us to how the fiscal fiesta ends? we have a man
news the president a little more than an hour ago went to northern virginia to push the middle class tax cut message by spending time with an actual middle class family. >> the message that i got from tiffany and the message that i think we all want to send to members of congress is, this is a solvable problem. i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%, but i do remain optimistic that we can get something done that is good...
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we don't like to tax two or three times, which dividends or other taxes might be taxed. so too small. and there is a principle involved. >> steven ratner, is there a principle, or just bloody mindedness by republicans, led by grover norquist, we shall not pay anymore taxes ever? >> at some point, there are too many taxes, but we're a long away from that. let's just look at earned taxes, lower than they were under president clinton put in place ten years ago. and all president obama is saying let's go from 35% to the top earners, to 39.6%, same as it was under president clinton, the economy did well. it is more than just a drop in the bucket. just raising rates on people making over 250,000, would be a trillion deficit -- >> a trillion dollars, henry, is nothing to be sniffed at. some urged the party to extend the bush-era tax cuts, for the households that earn less than $250,000, to insure the taxes don't go up. who cares anyway? >> sure, there is a point in there. i might dispute the numbers. i would argue as the members of my party, i would argue that we have a spendin
we don't like to tax two or three times, which dividends or other taxes might be taxed. so too small. and there is a principle involved. >> steven ratner, is there a principle, or just bloody mindedness by republicans, led by grover norquist, we shall not pay anymore taxes ever? >> at some point, there are too many taxes, but we're a long away from that. let's just look at earned taxes, lower than they were under president clinton put in place ten years ago. and all president obama...
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middle class while letting tax rates go up for upper-income americans. the white house says the family in virginia responded to the president's my2can campaign. >>> the standoff over the fiscal cliff is putting jobs here in california and alison burns has more on this. >> reporter: and secretary panetta has warned the fiscal cliff would hurt our national defense. he's expected to hold a news conference any minute now. he's getting the order from the white house to brace for massive budget cut us. now, the automatic spending cuts that would kick in if congress does not reach an agreement on the fiscal cliff would force the pentagon to slice about 10% of the budget. the defense industry projects one in five defense contracts in california would be lost. the aerospace industry is projecting that 135,000 department jobs would be cut along with 90,000 jobs for a total of about 225,000 jobs lost in california over the next few years. alison burns, ktvu channel 2 news. >>> 8:16. well, today will mark the 9 oth annual lighting of the national christmas tree. pre
middle class while letting tax rates go up for upper-income americans. the white house says the family in virginia responded to the president's my2can campaign. >>> the standoff over the fiscal cliff is putting jobs here in california and alison burns has more on this. >> reporter: and secretary panetta has warned the fiscal cliff would hurt our national defense. he's expected to hold a news conference any minute now. he's getting the order from the white house to brace for...
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to close tax loopholes to raise half as much. >> we can probably solve this in about a week. it's not that tough. but we need that conceptual breakthrough that says we need to do a balanced plan. >> i'll be available at any moment to sit down with the president to get serious about solving this problem. >> the white house says they are also concerned that republicans may use the debt ceiling, which will need to be raised early next year to get their way on tax and spending cuts. the pentagon is already planning major cuts in case there is no deal. the preliminary plan is to cut 500 billion dollars in jobs and programs. the pentagon's spokesman says those cuts could force the defense department to abandon its new military strategy. it's also likely to affect spending on weapons and technology programs as well as how the military provides for troops and their families. >>> two australian radio hosts are apologizing for a prank call that revealed confidential information about kate middleton. >> oh hello there, could i please speak to kate, please, my granddaughter? >> oh yes, j
to close tax loopholes to raise half as much. >> we can probably solve this in about a week. it's not that tough. but we need that conceptual breakthrough that says we need to do a balanced plan. >> i'll be available at any moment to sit down with the president to get serious about solving this problem. >> the white house says they are also concerned that republicans may use the debt ceiling, which will need to be raised early next year to get their way on tax and spending...
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increase tax top tax and he was bent over the way he was wrong. nixon defended a he was wrong or can't either but so is right but tom nobody was paying ninety percent for real because there's because what happens is the democrats when they had three million dollars a quick take on audio but everybody did their businesses so that they could pay their employees of these away democrats raise the rates so that they can sell deductions that's how the game is played that is well that's how they always corazon republicans want to lower the rates that so you can't sell deductions if the rates are low the reality though is that during that period of time when the top tax rate topping them tax rate was ninety one seventy four percent from from one hundred thirty five one hundred thirty three nine hundred thirty three ok no until until the eisenhower here in the regular mr ok during that period of time you had you had c.e.o.'s who were not living in mansions they were you know and only one private well you had some people who were having rich you didn't have
increase tax top tax and he was bent over the way he was wrong. nixon defended a he was wrong or can't either but so is right but tom nobody was paying ninety percent for real because there's because what happens is the democrats when they had three million dollars a quick take on audio but everybody did their businesses so that they could pay their employees of these away democrats raise the rates so that they can sell deductions that's how the game is played that is well that's how they...
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tax reform. it would be in the tax reform process that there would generate -- and they would generate $800 million -- $800 billion in revenue. and they say the $800 billion could be raised without raising tax rates, and this is something that is in dispute with the white house. the white house said there would be no deal unless republicans agreed to increase tax rates on the wall the next year. >> what do the republicans say about the debt limit, sequestration, automatic spending cuts, and changes to entitlement programs? >> that was not addressed. the white house offered to make permanent the changes. republicans are not proposing to raise the debt limit at all. but if you ask their aides, they told us that the speaker would be open to increasing the debt limit, but he is sticking by his role that any increase must be accompanied by cuts and/or reforms. it could be on the table. entitlements, they are not laying out this was a big changes to medicare and medicaid. what they are saying is they w
tax reform. it would be in the tax reform process that there would generate -- and they would generate $800 million -- $800 billion in revenue. and they say the $800 billion could be raised without raising tax rates, and this is something that is in dispute with the white house. the white house said there would be no deal unless republicans agreed to increase tax rates on the wall the next year. >> what do the republicans say about the debt limit, sequestration, automatic spending cuts,...
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taxes on the wealthy. frn in a letter to the president, republicans attempted to sell the offer as the erskine bowles plan, comparing it to the same offer he drew up last year. >> i think he'd disagree. >> the co-chair of obama's deficit commission, but yesterday mr. bowles flatly rejected that connection. meanwhile, the white house is turning to campaign style messaging as a reminder of whose tax plan was chosen in the court of public opinion on election day. >> under my plan, first of all, 98% of folks who make less than 250,000, you wouldn't see your income taxes go up a single dime. all right? because you're the ones who need relief. but we're not going to be able to get it done unless we also ask the wealthiest households to pay higher taxes on their income officials $250,000. the same rate we had when bill clinton was president and our economy kree aed nearly 23 million new jobs. >> and there are reports that republicans are considering a doomsday plan should talks break down. according to senior rep
taxes on the wealthy. frn in a letter to the president, republicans attempted to sell the offer as the erskine bowles plan, comparing it to the same offer he drew up last year. >> i think he'd disagree. >> the co-chair of obama's deficit commission, but yesterday mr. bowles flatly rejected that connection. meanwhile, the white house is turning to campaign style messaging as a reminder of whose tax plan was chosen in the court of public opinion on election day. >> under my...
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i would say, one, we need to get a better tax code, a much more pro-growth, pro-markets, pro-jobs tax code. we need to encourage economic trade with other countries. i mean really significant economic trade. one of the things i will give president obama credit for is he was able to get through the three free trade agreements that were negotiated by president bush at the end of his term and did not go through congress until president obama did that later on in his term. that's commendable. i'd like to see a lot more of that. the third would be a much more cautious dwrie regulation, the kind of regulation that actually works. more of a cost benefit analysis approach. the fourth is spending control. we jumped from 21% of gdp to 25% of gdp in spending in one year. that means we've been running a 9% deficit each year. we just can't sustain that. even if we increase taxes, if we tax the rich, what we're talking about is adding $900 billion to the debt every year instead of $1 trillion. it's not very long before you're italy under those circumstances pmplgts that's for sure. ed, good to see
i would say, one, we need to get a better tax code, a much more pro-growth, pro-markets, pro-jobs tax code. we need to encourage economic trade with other countries. i mean really significant economic trade. one of the things i will give president obama credit for is he was able to get through the three free trade agreements that were negotiated by president bush at the end of his term and did not go through congress until president obama did that later on in his term. that's commendable. i'd...
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our conversation in washington we talk about it being a tax event and only tax event. but the impact on unemployed people will be dramatic. the impact on those americans who don't pay a lot of income tax but benefitting from the extra two points of payroll relief, may not be dramatic but noticeable. this country could go into a recession. what's going on in this discussion is richard nixon's old madman theory, each side trying to persuade the other that it's just crazy enough to blow up the world. >> erick, quickly, you say it's better to go over the cliff than accept what the president's offered? >> yeah. i absolutely think so. the republicans unfortunately for people like me are willing to raise taxes to the tune of $800 billion. the democrats want to argue with them over the mechanism. and it's the mechanism that would hurt small businesses. the republican negotiating hand winds up being a little better on the other side. the fiscal cliff is the maximum of what ghkts want. you've got howard dean saying we need to raise taxes on everybody, not just the rich. steny ho
our conversation in washington we talk about it being a tax event and only tax event. but the impact on unemployed people will be dramatic. the impact on those americans who don't pay a lot of income tax but benefitting from the extra two points of payroll relief, may not be dramatic but noticeable. this country could go into a recession. what's going on in this discussion is richard nixon's old madman theory, each side trying to persuade the other that it's just crazy enough to blow up the...
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the fact of the matter is, our tax is a high tax state even though i did cut taxes. our unemployment rate never went much over 6.5%. it has been consistently much below the nation's unemployment rate the entire time. secondly, what you're seeing in wall street today is short-term behavior. bill clinton's tax rates, what we're going back to if we go down the fiscal slope, had no negative effect in the economy. in fact the economy was a whole lot better when bill clinton was president than it was under george bush or barack obama. so i think your case is good in the short term, not so good in the long term. i think the best way to restore confidence in wall street in the long term would be to show we're serious about the deficit. i don't think any deal they strike will be as serious about the deficit as this fiscal slope. >> i just think that era, you're right. the economy boomd especially in the mid 1990s and late 1990s. i don't think it did so well a couple years after bill clinton raised taxes. that's one of the reasons 1994 republicans had the biggest election they
the fact of the matter is, our tax is a high tax state even though i did cut taxes. our unemployment rate never went much over 6.5%. it has been consistently much below the nation's unemployment rate the entire time. secondly, what you're seeing in wall street today is short-term behavior. bill clinton's tax rates, what we're going back to if we go down the fiscal slope, had no negative effect in the economy. in fact the economy was a whole lot better when bill clinton was president than it was...
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we have fewer tax increases than the president wants, allison? >> reporter: pam, house republicans say this is their attempt to counterwhat they call the la la land offer from president barack obama. republicans want 1.2 pill caron dollars in spending -- trillion dollars in spending cuts and that's almost twice as much as what the president has proposed. they are not raising tax rates on the wealthy which the president has demanded. they are also proposing 200 billion in savings for changes by potentially lowering the costs in increasing eligibility standards. that could be a major sticking point for congressional democrats but the president needs more details but he does not like what republicans are offering. look at how house democratic national convention democrats may try to force tax rates from wealthier americans, reporting live allison burns, ktvu channel 2 morning news. >>> they are trying to make homes livable, under the program the city of new york will send contractors at no charge to homeowners. 400 project have been completed -- pro
we have fewer tax increases than the president wants, allison? >> reporter: pam, house republicans say this is their attempt to counterwhat they call the la la land offer from president barack obama. republicans want 1.2 pill caron dollars in spending -- trillion dollars in spending cuts and that's almost twice as much as what the president has proposed. they are not raising tax rates on the wealthy which the president has demanded. they are also proposing 200 billion in savings for...
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reform said we can -- we don't have to raise tax rates, we can lower tax rates by capping deducts. he said that. lou: where is coordinated action and rhetoric from the party? i'm talking about from mayors to governors. >> we have been great with policy, but we've been clumsy courtroom communicators. >> boehner will let this backfire, we are higher taxing, no growth, no jobs, fake interest rates, in two years the republican party comes back stronger. >> we're sing is political fear at its best, by being a washington dc insider i belve we can still get a deal, we have two proposal on the table. >> to get to your point, lou, from a conservative perspective, over in 6 was a national suicide. -- november 6 was a national suicide. a very thin find red line, that red line of republican party. if this party also commits suicide, this will be catastrophic. neil: we'll explore further why it is that republicans are having trouble with two areas, one winning elects and the other governing, we'll be back with tha-team, and we'll find out who is in charge o this assault on christmas among other
reform said we can -- we don't have to raise tax rates, we can lower tax rates by capping deducts. he said that. lou: where is coordinated action and rhetoric from the party? i'm talking about from mayors to governors. >> we have been great with policy, but we've been clumsy courtroom communicators. >> boehner will let this backfire, we are higher taxing, no growth, no jobs, fake interest rates, in two years the republican party comes back stronger. >> we're sing is political...
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, more tax revenue? the president responded, high-end tax cuts do the least for economic growth and cost almost $ 1 trillion. extending middle class cuts boosts consumer demand and growth. the white house released a video today showing how president obama has been consistent on his message throughout the last couple of years. it was central to his campaign. >> we need to give tax relief to working families trying to raise their kids to keep them healthy, send them to college, keep a roof over their heads. that's the choice in this election. that's one of the reasons i'm running for a second term as president. >> how quickly we forget. in the words of secretary timothy geithner, this is why republicans have no choice but accepting the tax increases on the wealthiest americans. >> why does it make sense for the country to force tax increases on all americans because a small group of republicans want to extend for 2% of americans? why does that make any sense. there's no reason why that should happen. we ca
, more tax revenue? the president responded, high-end tax cuts do the least for economic growth and cost almost $ 1 trillion. extending middle class cuts boosts consumer demand and growth. the white house released a video today showing how president obama has been consistent on his message throughout the last couple of years. it was central to his campaign. >> we need to give tax relief to working families trying to raise their kids to keep them healthy, send them to college, keep a roof...
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taxes. >> now the revenues we're putting on the table are going to come from guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates which we believe will harm our economy. >> and new polling by the associated press could strengthen the president's hand in negotiations. 48% of americans say they support the idea of raising taxes on the highest earners. that's compared to 32% who say tax cuts should continue for everyone. >> well, hillary clinton says she insists that she wants to get out of politics. but a new poll shows that the majority of americans are hoping she has a change of heart. the latest abc news/"washington post" poll shows 50% of americans would vote for hillary clinton in 2016. 37% would oppose such a campaign. hillary clinton also has a strong bid of support in her home state of new york where 54% of voters say she would make a great runner. but new yorkers are not so enthusiastic about the current governor jumping into the race. 39% suppo
taxes. >> now the revenues we're putting on the table are going to come from guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates which we believe will harm our economy. >> and new polling by the associated press could strengthen the president's hand in negotiations. 48% of americans say they support the idea of raising taxes on the highest earners. that's...
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tax increases. after that, ezra klein breaks down the offer and we will discuss today's pow wow between state governors and president obama and what it pore tends for the 21 million americans hoping for health care and "the new york times" frank bruney weighs in on doma and cage for marriage equality when "now" starts in just three minutes. n't my daughs black bean soup spectacular? [ man thinking ] oh, this gas. those antacids aren't working. oh no, not that, not here! [ male announcer ] antacids don't relieve gas. gas-x is designed to relieve gas. gas-x. the gas xperts. gas-x is designed to relieve gas. when you lost the thing you can't believe you lost.. when what you just bought, just broke. or when you have a little trouble a long way from home... as an american express cardmember you can expect some help. but what you might not expect, is you can get all this with a prepaid card. spends like cash. feels like membership. ♪ but the fire is so delightful ♪ nothing melts away the cold like a h
tax increases. after that, ezra klein breaks down the offer and we will discuss today's pow wow between state governors and president obama and what it pore tends for the 21 million americans hoping for health care and "the new york times" frank bruney weighs in on doma and cage for marriage equality when "now" starts in just three minutes. n't my daughs black bean soup spectacular? [ man thinking ] oh, this gas. those antacids aren't working. oh no, not that, not here! [...
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republicans are now agreeing to incrows tax revenue even though they still don't want to raise tax rates. the folks here shrug off the fact there hasn't been a meeting of the president in a couple of weeks. and they suggest there won't need to be a meeting until republicans are ready to give in. >> it is our view that simply having conversations c congressional leaders will not produce a deal. what will produce a deal is an acknowledgment by republicans, republican leaders that rates on the top two percent, the wealthiest americans have to rise. there is no deal without that acknowledgment. >> the treasury secretary gite neither says the -- tab eitner says they are ready to go over the cliff. if republicans won't let the tax cuts expire, they say it is not a threat. shepherd? >> it is easy to say why they would be making those statements when there was a recent survey that showed 53% of people said if we do go over the cliff they blame the republican congress. less than 30% would blame the president. so it would appear at least from that survey that he has the people on his side. the civ
republicans are now agreeing to incrows tax revenue even though they still don't want to raise tax rates. the folks here shrug off the fact there hasn't been a meeting of the president in a couple of weeks. and they suggest there won't need to be a meeting until republicans are ready to give in. >> it is our view that simply having conversations c congressional leaders will not produce a deal. what will produce a deal is an acknowledgment by republicans, republican leaders that rates on...
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so, streamline the tax code, remove the entire income tax philosophy, fair tax or flat tax, can't do that now. but look at spending and spending cuts across the board and different programs where we can really cut some money, rather than talk about it, let's do something and do it next week and move it down to the senate and the let them look at it it. >> dave: so there's substance and also, style, congressman. how do you feel about the fact that the president, instead of sitting down with your leader john boehner is out there in what appears to be a campaign style, giving speeches instead of negotiating? >> well, it's disturbing in some respect. he is the leader of the country. and rather than be in washington d.c. in a room working with everybody involved that can make these decisions and push legislation, republicans, democrats, senators, members of house and talking through the knitty gritty, he proposes town and campaigns about it and it's difficult to communicate and talk about things if the president is not in washington to talk. >> dave: especially with roughly two weeks to g
so, streamline the tax code, remove the entire income tax philosophy, fair tax or flat tax, can't do that now. but look at spending and spending cuts across the board and different programs where we can really cut some money, rather than talk about it, let's do something and do it next week and move it down to the senate and the let them look at it it. >> dave: so there's substance and also, style, congressman. how do you feel about the fact that the president, instead of sitting down...
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i pay my tax, why not starbucks? >> sometimes they position themselveses in other country to avoid paying high taxes here and britain. amazon did $320 million in turnover in the u.k. it paid less than $3 million in british tax. all of this within the law but parliamentary law accused them of immorally minimizing the tax obligation. some say don't blame the big guys. >> i don't moral is the way we ought to levy our taxes. it should be set out in law and fairly enforced by the tax authority. individuals have their own moral compass that guides what they choose to do. >> starbucks does appear to feel the heat of public pressure. saying we need to do more. we are looking at the tax approach in the u.k. the u.k. said it will tighten its tax regime but it has not said how. other european countrys have similar concerns. with some calling for more uniform taxation across the e.u., so some countries don't become tax havens at the expense of others. bret? >> bret: amy kellogg in london. thank you. the supreme court here in the
i pay my tax, why not starbucks? >> sometimes they position themselveses in other country to avoid paying high taxes here and britain. amazon did $320 million in turnover in the u.k. it paid less than $3 million in british tax. all of this within the law but parliamentary law accused them of immorally minimizing the tax obligation. some say don't blame the big guys. >> i don't moral is the way we ought to levy our taxes. it should be set out in law and fairly enforced by the tax...
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you said, i'm all for the wealthy paying more taxes. so i'm curious, since you've said that, why the reduck tans to just raise the tax rate on the wealthy? >> it destroys growth of the very people who are going to create additional revenues in the future. >> why say you would be all for it? >> i didn't ever say -- not one timedy say i was for raising tax rates on the wealthy. i said i was for increasing the taxes that the wealthy paid. how you do it will have a major impact on the economic fortunes of this country. and if you take the vast majority of small businessmen who will be hit with an increased tax rate, you're going to markedly decrease the job creation and capital formation in this country. >> let me ask you another question, one of the things we talked about on both sides, i think it's fair to say is the lack of details. and second geithner was out trying to defend some of the details in his plan over the weekend. this letter also has very few details. i'm curious to know exactly what loopholes, what deductions would you kill
you said, i'm all for the wealthy paying more taxes. so i'm curious, since you've said that, why the reduck tans to just raise the tax rate on the wealthy? >> it destroys growth of the very people who are going to create additional revenues in the future. >> why say you would be all for it? >> i didn't ever say -- not one timedy say i was for raising tax rates on the wealthy. i said i was for increasing the taxes that the wealthy paid. how you do it will have a major impact on...
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most economists are telling us this tax increase will not have very much impact in terms of growth. if you talk about essentially raising taxes on 98% of americans either through some kind of crazy deduction plan or just letting the bush tax cuts go, that can have a very, very severe effect on the economy. >> as usual dr. peterson makes a superb point. president clinton used to say if you want to live like a republican, vote for a democrat because they will give you better economics. and the fact of the matter here is if you poll economists, they will tell you that raising the rates on this top 2% has virtually no impact but when you begin to go after the mortgage deduction, when you begin to go after chair itses, that's when you have some economic chill you bring into the economy. so isn't it strange that the republicans and conservatives have said that obama doesn't understand the impact of fax policy on the economy whereas almost all economists are saying the obama approach is far superior to that that the republicans offer. >> thank you both for joining us on this friday afterno
most economists are telling us this tax increase will not have very much impact in terms of growth. if you talk about essentially raising taxes on 98% of americans either through some kind of crazy deduction plan or just letting the bush tax cuts go, that can have a very, very severe effect on the economy. >> as usual dr. peterson makes a superb point. president clinton used to say if you want to live like a republican, vote for a democrat because they will give you better economics. and...
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gerri: income tax. >> a payroll tax strictly. it's added to the medicare tax that's taken out, makes a small stop in the trust fund, and funds another program that the president likes. this is the problem. the president is not hoonest with us or the american people. he tells you he loves you and wants to take care of you, but the fact of the matter is, he's going to raise your taxes to a level that, in fact, it's going to kill economic activity in the country. how do we know? look what's happening. on your crawl on the television, dividends paid before december 31st, and why? that behavior's driven by changes in the tax code that are existing law. he's counting on people not paying attention to that. it's the holidays, that's right. they are preparing for christmas, but they have to be worried # about the tax code. gerri: a tax revolt. you'll get more of the same if december 31st passing and nobody does anything. i think everybody's right up to here with what's going on, and you are so nice to talk to us about it. really apprecia
gerri: income tax. >> a payroll tax strictly. it's added to the medicare tax that's taken out, makes a small stop in the trust fund, and funds another program that the president likes. this is the problem. the president is not hoonest with us or the american people. he tells you he loves you and wants to take care of you, but the fact of the matter is, he's going to raise your taxes to a level that, in fact, it's going to kill economic activity in the country. how do we know? look what's...
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he will not pay the tax rates. fairness is among the other americans, not him. that's my two cents more. thars all for to be the. thank you for joining us, dvr the show if you can't catch us live. have a great night. we'll see you right back here tomorrow. ♪ lou: the obama administration tonight ramping up diplomatic efforts to end seer -- syria's bloody civil war and the fear assad could use chemical weapons against his own people. the military is prepared to use poisen gas bombs, secretary of hillary clinton flew to dublin to hold a meeting with her russian counter part and u.n. enjoy to syria meeting to discuss how they would end the now 21-month long conflict in syria and how to move assad from power. and there's no sign they had to reverse the support, and today, a senior lawmaker says the syria government is now incapable of functioning properly. just before the meeting with the russian foreign minister, secretary clinton insisted that the united states and russia share common goals in the region. >> trying
he will not pay the tax rates. fairness is among the other americans, not him. that's my two cents more. thars all for to be the. thank you for joining us, dvr the show if you can't catch us live. have a great night. we'll see you right back here tomorrow. ♪ lou: the obama administration tonight ramping up diplomatic efforts to end seer -- syria's bloody civil war and the fear assad could use chemical weapons against his own people. the military is prepared to use poisen gas bombs, secretary...
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tax rates. it may be just tax rates higher for those making half a million a year, i think they'll retreat a little bit. >> i think, too, what i'd like to see the republicans do, i'd like to see them pass a bill extending tax cuts below $250,000 and everyone agrees those should be put through and then put through another bill that extends the tax cuts on those $250,000 and above and let the democrats take ownership because you know, they're going to be held responsible for the economic performance of 2013 and come 2014, you can actually get a political change that might make a difference. stuart: we'll wait and see on that one. art laffer, always a pleasure. >> bye now. stuart: the republicans submit their fiscal cliff solution. now, that plan put out by speaker boehner, includes 800 billion dollars in extra tax revenues and that would come from limiting deductions and not from higher tax rates. and there would also be 1.2 trillion dollars worth of spending cuts and the white house immediately d
tax rates. it may be just tax rates higher for those making half a million a year, i think they'll retreat a little bit. >> i think, too, what i'd like to see the republicans do, i'd like to see them pass a bill extending tax cuts below $250,000 and everyone agrees those should be put through and then put through another bill that extends the tax cuts on those $250,000 and above and let the democrats take ownership because you know, they're going to be held responsible for the economic...
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Dec 5, 2012
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they realize that our taxes are going to be up a little bit. they know there is going to reform to social security and medicare, they want to know so they know how to plan for their companies. i hope it's resolved before i get there if not so be it, i see this as an opportunity for america to lead the way. china is slowing down. india is slowing down. europe is in a recession. south america is slowing down. we have an opportunity to lead out of this mess. i hope we take the lead. >> jennifer: everyone wants to prevent going over over the cliff you still will have a lot of issues on how best to lead the country forward. allen west will be gone but there will be tea partyers remain. how do you work with people who think compromise is a bad word? >> look, i was just earlier with the republican part of my district today and met with a lot of republican commissioners. the message i told them is what i told everybody. whether you're a republican, democrat, i have an open door. i want to hear your thoughts, your concerns and i want to be your voice in
they realize that our taxes are going to be up a little bit. they know there is going to reform to social security and medicare, they want to know so they know how to plan for their companies. i hope it's resolved before i get there if not so be it, i see this as an opportunity for america to lead the way. china is slowing down. india is slowing down. europe is in a recession. south america is slowing down. we have an opportunity to lead out of this mess. i hope we take the lead. >>...
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Nov 29, 2012
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. >> read my lips, no new taxes. and when he violated that pledge -- >> off with his head! ♪ >>> we begin with a very busy day in washington and an array of meetings that would put your average speed dating event to shame. as we know, politics sometimes makes strange bedfellows. in this case one unusual lunch day. this afternoon the president hosted his vanquished rival, mitt romney. no word yet on if mr. romney found the cookies up to his rig rouse standards or how many white house beers the president decided to drink. we're also holding out hope that a savvy waiter or waitress caught at least 47% of the lunch on cell phone video. while in washington romney also met with his former running mate, the marathoner paul ryan, and offered a few kind words about him to the press. >> mr. romney, how was your meeting with mr. ryan today? was it nice to see him? >> that's a greet friend. good to be with him. >> good to be with him? >> always great to see paul ryan. >> while today's lunch was perhaps an opportunity to shake after a hard fought campaign, not everybody was feeling so
. >> read my lips, no new taxes. and when he violated that pledge -- >> off with his head! ♪ >>> we begin with a very busy day in washington and an array of meetings that would put your average speed dating event to shame. as we know, politics sometimes makes strange bedfellows. in this case one unusual lunch day. this afternoon the president hosted his vanquished rival, mitt romney. no word yet on if mr. romney found the cookies up to his rig rouse standards or how many...
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that's mandatory spending that's been budgeted based off what we spend on our taxes. the bulk of it is going there. 20% is going to defense. discretionary spending is 13% and 7% the interest we are paying on our debt. that's also mandatory and we have to make good on our debt. >> which is why anybody serious about the debt says you have to look at entitlements based on that. where are the areas for compromise? >> so when you look at where they're talking about cutting spending, it's in the discretionary category. $600 billion in dissectionry spending is what's on the table right now. you start looking at social security and medicare, one of the ideas for compromise that's been on the table is increasing that age. the availability begins at 65. if you were to increase it to 67 about $250 billion in savings. also if you look at medicare cost sharing -- this is from the provider. if you go back to the providers who provide medicare and say to them we need you to come around and provide, pony up a little bit of the money, you can save $353 billion. also, social security.
that's mandatory spending that's been budgeted based off what we spend on our taxes. the bulk of it is going there. 20% is going to defense. discretionary spending is 13% and 7% the interest we are paying on our debt. that's also mandatory and we have to make good on our debt. >> which is why anybody serious about the debt says you have to look at entitlements based on that. where are the areas for compromise? >> so when you look at where they're talking about cutting spending, it's...
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rates going up on the middle class now. >> we're not going to raise taxes on those people. i think we should make that clear to everybody. >> reporter: bottom line, no deal yet. both sides are still talking. and both sides signalling that they're willing to give some ground to get this done and get it done on time. lynn. >> thanks so much. >>> it's not how he wanted to get there but former governor mitt romney heads to the white house. president obama is hosting his campaign rival at a private lunch. no reporters will be allowed in. it is the seventh time the two men have met face-to-face. it's going to be the first time since the election. there are no details on the meeting. in his victory speech, president obama said he hoped to speak with romney about how to move the country forward. >>> despite another rough day of meetings with republican senators, u.n. ambassador susan rice received a new vote of confidence. this time from the president and secretary of state hillary clinton. the president called rice extraordinary during a cabinet meeting she attended. clinton led a
rates going up on the middle class now. >> we're not going to raise taxes on those people. i think we should make that clear to everybody. >> reporter: bottom line, no deal yet. both sides are still talking. and both sides signalling that they're willing to give some ground to get this done and get it done on time. lynn. >> thanks so much. >>> it's not how he wanted to get there but former governor mitt romney heads to the white house. president obama is hosting his...
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in the letter we know the sticking point is the tax rates. the speaker says, quote, notably the new revenue in the boles plan would not be achieved through higher tax rates, which we continue to oppose and will not agree in order to protect small businesses and our economy. instead new revenue would be generated through pro-growth tax reforms that closes special interest loopholes and deductions while lowering rates. you see in this latest proposal while they offer up pour savings by saying, look, we can tax the rich people through the $800 billion figure. we can find more savings in entitlements reforms and more savings in discretionary spending more so than the budget control act. they're still holding firm on that pledge not to raise the tax rates towards the bill clinton era. how will this play around in the white house? we don't know. this tax rate point has been a very difficult sticking point. both sides have stayed on and they continue to stay on this in their second offer. what you see is some sort of possible framework for a large s
in the letter we know the sticking point is the tax rates. the speaker says, quote, notably the new revenue in the boles plan would not be achieved through higher tax rates, which we continue to oppose and will not agree in order to protect small businesses and our economy. instead new revenue would be generated through pro-growth tax reforms that closes special interest loopholes and deductions while lowering rates. you see in this latest proposal while they offer up pour savings by saying,...
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Nov 29, 2012
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the solution is tax reform that broadens the tax base by scaling back tax preferences and cutting the corporate rate. we could cut it to 25%, scale back the deductions, the credits, the exemptions and have a competitive territorial system and have it all be revenue neutral. there is such a proposal that has been scored by the joint committee on taxation here in congress. we know we can do it. we're not saying it's easy. some of these preferences of course on these loopholes are ones that are very difficult to reduce or eliminate, but it would be the right thing to do for our economy. i do think we have seen some signs of developing bipartisan consensus on this issue, and i'm hopeful that we will see the same movement for pro growth individual tax reform because reforming the entire code is critical to regaining competitiveness, spurring growth and producing the revenues we need to pay for important public priorities. the smart way to raise revenue then is not through tax rate hikes that threaten to shrink our economy but rather thoughts u tax reform designed to help grow the economy.
the solution is tax reform that broadens the tax base by scaling back tax preferences and cutting the corporate rate. we could cut it to 25%, scale back the deductions, the credits, the exemptions and have a competitive territorial system and have it all be revenue neutral. there is such a proposal that has been scored by the joint committee on taxation here in congress. we know we can do it. we're not saying it's easy. some of these preferences of course on these loopholes are ones that are...
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prior to taxes. which is greater than the estimated net worth of kanye, and eli manning, and johansson combineed. trace has the news live in washington. account winners remain anonymous can you? >>trace: they can remain anonymous in five states. but in missouri and arizona, they are not among the states so barring a back door legal maneuver we will find out the winners' name and the winners' hometown. the lottery recommends you take a little time, you think about some plans, practice telling your family "no" and you come forward and you celebrate. in arizona there is no power wall in california, utah, and nevada so the winner in arizona may not be from arizona because people were flooding over to see if they could play with that jackpot. arizona gets $25,000, the store that sold the ticket and in missouri they get $50,000, and that is strictly because of state regulation. nothing else. >>shepard: this lottery created a bunch of millionaires. >>trace: on top of the two huge tickets, there were eight o
prior to taxes. which is greater than the estimated net worth of kanye, and eli manning, and johansson combineed. trace has the news live in washington. account winners remain anonymous can you? >>trace: they can remain anonymous in five states. but in missouri and arizona, they are not among the states so barring a back door legal maneuver we will find out the winners' name and the winners' hometown. the lottery recommends you take a little time, you think about some plans, practice...
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through the way that they would like to see taxes go up, even though they don't want to see taxes go up, through closing loopholes and eliminating deductions. john boehner acknowledges that revenue is going to be part of this deal, but they are standing firm on, they will not agree to at this point to raising tax rates on anyone. so either way, the major issue remains. the major issue, the major hurdle remains the tax rate issue. >> right, right. and meantime it's ticktock, right? and the house is out as of yesterday. members are headed to their home states for a nice long weekend with no deal in sight. the majority leader, eric cantor, says he's going to force congress to keep coming back and stay in session until a deal is done. seriously? >> he is serious. but, i mean, it was a pretty short workweek for the members of the house, that's for sure, as they left, not only left yesterday, they left at noon yesterday, after votes. the fact of the matter is that this has happened before. that they will be out on recess, they will be back in their home districts and the leadership will ca
through the way that they would like to see taxes go up, even though they don't want to see taxes go up, through closing loopholes and eliminating deductions. john boehner acknowledges that revenue is going to be part of this deal, but they are standing firm on, they will not agree to at this point to raising tax rates on anyone. so either way, the major issue remains. the major issue, the major hurdle remains the tax rate issue. >> right, right. and meantime it's ticktock, right? and the...
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-- not touch this middle class tax bill. that worst case scenario they could come up with and i think kimberly wrote an op-ed about how the republicans could actually say, hey, he won't deal with us, fine, we'll give him the middle class tax rates and that's it. but you could see we now it's a debate, will it be a small deal like the one we described or the big deal? >> what do you think about boehner and the president both agreeing 0 to get together one-on-one? >> it's about time. you needed the two weeks, i think. you hate to say it. you had to kill some time. you had to let the posturing happen. that's what washington feeds on. fair enough, it's just what they do. >> does this mean that john boehner has the confidence of the republican caucus, that he can go into a negotiating room with the president and not worry about getting, you know, having to pull 12 knifes out of his back after he comes back with a proposal? >> i think the whole thing of political posturing is a big issue n. talking with him and others, there hasn'
-- not touch this middle class tax bill. that worst case scenario they could come up with and i think kimberly wrote an op-ed about how the republicans could actually say, hey, he won't deal with us, fine, we'll give him the middle class tax rates and that's it. but you could see we now it's a debate, will it be a small deal like the one we described or the big deal? >> what do you think about boehner and the president both agreeing 0 to get together one-on-one? >> it's about time....
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no to taxes. do you any any republicans sent to congress to facilitate the president spending to us oblivion? they no. or they will be sent home. >> president feels like he was elected on a campaign where he mentioned on the stump many times, raising tax rates. >> i understand that. >> but under our system the congress writes the law and president enforces them. if they don't go along with the law that the president wants it won't become the law. then we won't let him borrow more and he can't spend more than what the treasury collects. it's forced to reduce spen spending. that is the only way to get the house in order. >> over the cliff. >> over the cliff. >> juan? >> i hope not. i don't think it's good for most of america. it could be damage for economy struggling to recover. takes us further down the road for what i think is the news of the day. argument over the debt ceiling today. that is one point of the republican lench in the dole. some machiavellian misstep made. he wanted the democrats to
no to taxes. do you any any republicans sent to congress to facilitate the president spending to us oblivion? they no. or they will be sent home. >> president feels like he was elected on a campaign where he mentioned on the stump many times, raising tax rates. >> i understand that. >> but under our system the congress writes the law and president enforces them. if they don't go along with the law that the president wants it won't become the law. then we won't let him borrow...
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that offer includes an $800 billion in tax revenue but does not include any tax increase on the wealthiest americans. >>> also, our own dana bash, our congressional correspondent asked john boehner why republicans met today to talk about the fiscal cliff and then are going to go home after the meeting and await for the president's response. here's what mr. boehner said. >> reporter: today's wednesday and the house is going to leave today with two days left in the week. i understand that you are saying that there's no legislation that's been on the floor. but when it comes to just pure optics of the house leaving with the fiscal cliff right in front of us -- >> i'll be here and i'll be available at any moment to sit down with the president to get serious about solving this problem. >> mr. speaker, does the conference perhaps realize that you don't seem to be negotiating in all of this? >> our members believe strongly that raising tax rates will hurt the economy. closing loopholes, especially on those who are wealthy, is a better way to raise this revenue than raising rates. because raising
that offer includes an $800 billion in tax revenue but does not include any tax increase on the wealthiest americans. >>> also, our own dana bash, our congressional correspondent asked john boehner why republicans met today to talk about the fiscal cliff and then are going to go home after the meeting and await for the president's response. here's what mr. boehner said. >> reporter: today's wednesday and the house is going to leave today with two days left in the week. i...
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that's just a fact, david. >> people would prefer it be done through tax reform, through tax loopholes, but also let me -- >> do you explain to them that by tax loopholes you're not going to get enough revenue to do what needs to be done? >> you are going to get to the 800 billion the speaker said you were going to get to. >> no, i don't think that's right, david. >> we have, again, our economists say we can get to that 800 billion. you have an economist says that you can't get to the 1.6 trillion that the president is trying to ask for. >> and republican math said that mitt romney was going to be president. >> now, that's a different dynamic. look, if you talk to other republicans, there were some other republicans that perhaps didn't have that level of confidence there but, again, i want to go back to this point. >> real quickly, david. we're out of time here. >> the fact is, the president and tim geithner have willfully taken a position that, in fact, in terms of generating revenue that there's only one way to generate revenue and that's through raising taxes and the president has b
that's just a fact, david. >> people would prefer it be done through tax reform, through tax loopholes, but also let me -- >> do you explain to them that by tax loopholes you're not going to get enough revenue to do what needs to be done? >> you are going to get to the 800 billion the speaker said you were going to get to. >> no, i don't think that's right, david. >> we have, again, our economists say we can get to that 800 billion. you have an economist says that...